Timeshares??

[FJR1300Jeff]

Timeshares???

The better half and I just got back from a weekend trip up to Las Vegas.

Man is that town crowded....I was there five years ago and it seems to have doubled in congestion...but I digress...

We got hit with one of these HIGH pressure sales tactics to buy a timeshare. It sounded neat because the wife and I do like to travel, but the High pressure gotta do it today really turned me off.

We only did the presentation for the $100 cash they were giving. Bottom line it would have cost $17,000 for 10,000 points which you can use for 50, 5 star places they run. (The company in Worldmark).

We didn't do it but I was tempted, I hear the maintaine fees can go up and up...also I hear that you can buy these things from other owners that want out, cheap.

We also did not win in Vegas...does anyone...man those casinos SUCK...but the food was good.

Peace,

Jeff

 

[jestal]

All "timeshares" are not created equal. Read the fine print for exactly what you will actually "own". Sometimes there is "real" realestate involved and others only space inside the "real"estate. Maintenance fees can and will change with time. So do real estate taxes which are rarely even mentioned in the sales pitch...but you will be responsible for them as the property "owner". The time of the year that you "own" is also important. Everyone wants to go to the best places at the same time. Some "time shares" you own can be passed on to heirs and others default to the timeshare association at death. CHECK THE FINE PRINT.

Ever figure out the profit margin on timeshares...??? The places they show you are outstanding, usually and look far more attractive than motel rooms. But....figure that the place you are buying might sell for $250,000 for example if you bought it. They sell it to 52 different buyers (a week at a time for each) for $10,000 each. They just got $520,000 for a place that would sell outright for $250,000 (and probably cost them $125,000 to develop and build) PLUS they still get maintenance fees yearly for life and you cover all taxes.

The sales pitch they use is very convincing for sure. A luxury condo for a one week per year "forever" for the price you would pay for motel rooms in a couple of years. Much nicer rooms and amenities than a motel and far cheaper in the long run. There are obviously two sides to it.

Personally, I think it must not be such a good deal if they can afford all the marketing (money, tickets, free travel if you listen to our pitch...) to sell the time shares and that you MUST ACT IMMEDIATELY.

Having said that...I have several retiree friends with blocks of time share time in several different cities and they really enjoy it. They travel around to their different time shares in a motor home and stay for their weeks and move on. No worries. They haven't been hit with outrageous fees so far and seem to enjoy it.

My bottom line when looking into them was the fact that you MUST USE the timeshare to make it worthwhile from an investment standpoint. If you use it each year and can invite family/friends along to fill up the (usually) spacious accomodations then they are not too bad of a deal. But, ONLY if you use it each year and ONLY if you were going to travel and stay in motels ANYWAY. I have never tallked to anyone that was satisfied with their ability to "trade" timeshares or stay in equivalent places elsewhere in lieu of their timeshare investment. I think the trading capabilities are severely overblown if you are planning on that. I also never liked the idea of having to go to the same place and "sit" for weeks at a time just to use the time share. We like to go to different places instead of the same place over and over...but...if you like to go to Vegas a lot then it might work for you.

Just what I found out and think....your results may vary.... Interesting to hear from others with more real experience.

We did go to one time share pitch in Orlando years ago just for grins. We listened and left and then were talking with an older couple on the bus back to the motel we were staying at. They had attended the "seminar" simply to buy another week at the discounted price as they already owned 3 weeks at the same time share development and liked it so much that they wanted another week. There are happy campers out there with timeshares.

 

[yanktar]

I always thought they seemed even shadier than condos...You "own" something but you don't own it--and your ski chalet seems to only be available to you in the summer--and your Maine beach house is always open in January....

ANYTHING that has THAT high-pressured a sales pitch can only be a good deal for the seller. Things that are good deals sell themselves. That's why Toyota dealers treat you like shit--you're gonna by that Toyota anyway, because you KNOW it's reliable, well-designed and well-built. The cars sell themselves.

Ever get the Bally/Holliday spas sales pitch? I got it once. Took an HOUR to finally get them to give me pricing after an hour of high-pressure cajoling and propaganda and me asking "OK, but what's it gonna cost?" Then I saw the price lists and started laughing, got up and walked out without looking back. They were stunned! Scam, Scam, Scam!

The kicker was that the club wasn't built--all they had was a double-wide trailer! Reminds me of the classic Rockford Files episode. Rockford's dad, Rocky, pretends to be a retiree looking to buy into a to-be-built desert community. He comes back to his son and says "Then, standing there in the middle of the desert, with nothin' but sand and cactus all around, this guy tries to sell boat!"

GREAT line!

 

[twowheelnut]

--and your Maine beach house is always open in January....

Best time to be there. No New Yorkers, New Jerseyians or Quebecers!

 

[Randy]

Last pitch I went to, I pressured them hard for TOTAL COST OF OWNERSHIP. That includes the selling price plus maintenance fees. When they spelled it all out, the maintenance fees were higher than the selling price.

oh, and slight off-topic threadjack

That's why Toyota dealers treat you like shit--you're gonna by that Toyota anyway, because you KNOW it's reliable, well-designed and well-built. The cars sell themselves.

The wife's 2002 Toyota MR2 with 67,000 miles is in the shop getting a NEW TRANSMISSION at a cost of approximately $3000. **** Toyota.

 

[Grumpy]

To us, the best of the bunch seemed to be Marriott.

The issue with timeshares is whether or not you can get into the one you're interested in at the time you want.......always hard to do.

If you think you're interested, do a Google and you'll find a lot of TS's available for discounted pricing. For example, I have one in Hilton Head that I'd love to sell.

Jim

 

[kindofblue]

I have an every other year time share down in Cabo San Lucas. I agree with much that's been said here. Trading is a joke. If, however, you like the locale, it can be a good thing.

That said, I am going to sell our timeshare down in Cabo. While there's great deep sea fishing and golfing, a lively night life, and good snorkeling in the warmer months (we were there last in Dec.), it's just not our type of vacation.

$4500 and it's yours! (That is a fair deal, not a steal.) It's at Pueblo Bonito Sunset Beach on the Pacific side (cooler in the summer). It's brand new and a 5 star resort. Cabinets are mahogany, etc... We've already paid this year's maintenance fee $400 (due every other year when you use the condo). Email me back channel if you're interested at reid hester at lobo dot net.

 

[Penforhire]

My wife convinced me to buy into Worldmark/Trendwest. I'm not regretting it because it does force me to take vacations (the use it or lose it thing). It is a points system and they have resorts in a bunch of places (most or all have kitchen and laundry facilities). Their location on Maui was great.

My in-law parents have so many timeshares they give at least a week to each of their four kids every year. They've always gone for location-based timeshares and their latest must-have is in Cancun. I'll have to check it out next year.

You can also join Interval International (I forget the annual price) and not only can you trade points into other other timeshares but you can "bank" your own points longer.

One other useful benefit at Trendwest is taking a vacation on short notice. If you're flexible you can buy vacation time at a particular location as they fill up cancellations for a very low price (no more than two weeks notice IIRC). Not always available but very cheap when it is.

One really important thing -- don't ever buy at those presentations! There is a healthy used market for timeshares and the typical cost is less than 50% of their over-the-counter sale price (and usually have accumulated time ready to use). Just make sure you are are getting whatever 'premium' membership-type they have (not all owners are equal in all timeshares).

Economically I don't think they make much sense until they are paid off. Then you're only paying maintenance fees (which can get expensive). Vacations are cheaper at that point. I'm taking the long view so we'll keep buying more as we pay off each loan (we're doing 7-year loans for each buy).

 

[lawinter]

My wife and I have an every other year week on the big Island of Hawaii.

We also belong to RCI.

The timeshare has been paid off for for a while now.

The place in hawaii is great and we pay about $250 a year in maintenance fees.

We have never had any trouble exchanging it thru RCI and have always got great places to stay whenever we want to go.

That is cuz Hawaii is a popular place which makes for easier trades.

Location and time is important. Think Golfing in Scottsdale in July!

We have an second home/ Condo in Mt. Crested Butte Co. for local vacations and for skiing that we go to all the time. However we use the timeshare for more exotic vacations every other year.

We found our timeshare at a closeout sale the builder was having, he only had a few units left in the resort and we got a great bargain ( I think ) so he could sell out the units.

RCI has always been helpfull with trades and they have a large selecton of resorts.

All told I am happy with the timeshare and our vacations.

One other note....we sat through a lot of high pressure sales pitchs for the free stuff.

We bought at a very low pressure sales pitch! No free stuff but a great deal

Hope this helps

 

[jrd14]

OK, What you must consider is that the secondary market for time shares are approximately 10% of the purchase price, what does that tell about the worth or value of a time share. Also, anytime someone tells you that you must buy NOW, get scared.

By the way, my wife's Ford Windstar: the engine blew up at 32,000 miles, the transmission blew up at 115,000, between 32,000 and 115,000 every electronic sensor on that thing went bad and they are $250 each and there are about 40 of them. No more Fords for me!!!

Oh, and my Toyota with 115,000 miles; gas, oil, and tires, that's all!!!

 

[bigdolma]

Time shares may benefit you if you popped bunch of kids. Hotels can become costly if you book 2 or 3 rooms for that matter. You are better off buying a used one than getting one from a sales pitch. There are plenty around for sale. I end having the Trendwest/Worldmark...well it was a hand me down. A fellow FJR rider and I used it on the way up to Jasper from LA. It has its benefits....

Maintenances can become costly. Almost $500 a year....even if they say "it has not gone up in the past x years" it will go up. Remember, they are there to make money, and they make their money from you!

There are plenty around, I would buy a used one, discounted, or won't consider it.

 

[yanktar]

Last pitch I went to, I pressured them hard for TOTAL COST OF OWNERSHIP. That includes the selling price plus maintenance fees. When they spelled it all out, the maintenance fees were higher than the selling price.
oh, and slight off-topic threadjack

That's why Toyota dealers treat you like shit--you're gonna by that Toyota anyway, because you KNOW it's reliable, well-designed and well-built. The cars sell themselves.

The wife's 2002 Toyota MR2 with 67,000 miles is in the shop getting a NEW TRANSMISSION at a cost of approximately $3000. **** Toyota.

Sorry about your car, Randy, but you get my point. Most Toy dealers in my area treat you like $#!t because they KNOW you'll buy--even if they have ADM (Additional Dealer Markup--ie, you want it, we are gonna skin you for it).

There is one dealer that's human and my truck came from there.

When Chevy dealers or Ford (Found On the Road Dead) treat you like dirt you know they are idiots--I had one guy give me crap about test-driving a 'Vette--and I had driven up in a Mercedes SLK320 in new condition! A 'Vette is the ONLY Chevy I'd consider--and there isn't a Ford I'd own.

 

[Randy]

and there isn't a Ford I'd own.

not even this one????

https://www.fordvehicles.com/fordgt/images/..._gt_popup_1.jpg

 

[jrd14]

Now that's a Ford I would own. I was on the highway last summer (on my FJR) I saw a GT comming up in my rear view mirrors, I didn't even try to keep up with him. That's a cool car!!

 

[odot]

I went to a timeshare sale once. It was a joke. Salesman showed me around the site and pressured me with all kinds of questions.....BAD SALESMAN......BAD SALESMAN! Wasn't for me .....no family...no kids....not worth it. At the end I could have won some sort of prize but that took some computing to do and it was shifty.....very shifty.

Otherwise, it was a nice ride out to east texas from dallas. Back when my harley worked.

 

[Silver Penguin]

We were suckered into a timeshare purchase about 6yrs ago. It has turned out to be better than I thought it would be. As they quite rightly said, you are FORCED to take a vacation every year since you use it or lose it. (But you can sell your week back to the management company).

Our condo is local so we don't use it unless we go for a day and use the country club style facilities. Through RCI (Resort Condominiums International) we exchange our points for a stay elsewhere. Our two bedroom, five star unit gives us enough points to exchange for a week in a nice one bedroom unit and two long weekends in similar units. We can also purchase nights at a reduced price.

So far, every place we have stayed has been top notch. The first three years, we traveled by car but now we have the bikes and are getting more ambitious. We'll spend 3-4 days motel hopping to a destination where we stay a week, then more motels on the way home.

Ski resorts are a great place for bikers to go in the summer. They are situated in the mountains (aka super twisty roads with great views) and are high class, well appointed places.

Someone mentioned Worldmark. I've found their resorts to be among the best.

Jill

 

[zzkenoman]

I hate time shares, but when they were first offering them, you really were locked in, but I was fortunate to get out of the deal. They were bad locations and you could never get the dates you wanted, no matter how far out the scheduling was. This was 16 years ago, today my sister has timeshare, I don't know who, but it seems to work for her.

 

[C&C]

We, my wife and I, joined the Disney Vacation Club. It works for us and we really love it. You buy points and get a deed but you can use your points whenever and wherever you want (assuming Disney has ties with where you want to go and there is space available). We typically use the points to vacation at Disney World but they have affiliation with lots of other non Disney vacation spots throughout the world. There is a maintenance/yearly charge but we find that the money spent here gets you much nicer accomodations than if you had just booked by cheapest fair possible by some other method. It may not be your cup of tea but it might be worth considering.

 

[Luke]

I have a timeshare in Ft. Lauderdale for sale if anyone is interested.